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Gold attempts a recovery, treasury yields drop

FXStreet (Mumbai) - Gold prices witnessed marginal gains in the US session, while the 2-year treasury yield trimmed gains after hitting near 5-1/2 year highs.

Eyes hourly 50-MA

At USD 1060/Oz levels, the metal is heading towards its hourly 50-MA located at USD 1063.08/Oz levels. Prices were trading dead flat in the European session around USD 1055/Oz levels as the the monetary policy sensitive two-year treasury yield clocked a high of 0.954%.

However, the yield has trimmed gains now to trade around 0.934%, thereby helping the metal gains some upside momentum. Meanwhile, the gains are still difficult to come as the USD index appears to have settled in the three figures.

Gold Technical Levels

The immediate resistance is seen at 1063.08 (hourly 50-MA), above which the prices could rise to 1068.62 (hourly 100-MA). On the other hand, a break below 1051.10 (Nov 27 low) would expose 1032 (Mar 2008 high).

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